What are the key areas of performance auditing?
An example of an AI chatbot conversation about areas of performance auditing.
What are the key areas of performance auditing?
Performance auditing typically focuses on several key areas, including efficiency, effectiveness, and economy of operations.
Can you explain what efficiency means in this context?
Efficiency in performance auditing refers to how well resources are utilized to achieve desired outcomes without waste.
What about effectiveness?
Effectiveness measures whether the intended goals and objectives are being achieved through the audited programs.
And what does economy refer to?
Economy in performance auditing assesses whether resources are acquired at the lowest cost while maintaining quality.
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